The Moskowitz Report (AAPL, GDX, GOOGL, SPY, BA, AGQ, BAC, NFLX, FB, IBM, JPM, TSLA, AMZN, GS) - Stock Market Commentary For Wednesday, April 12, 2017
Today was a video replay of yesterday, just in reverse. We opened lower and continued to selloff until we reached -140 around 11:00 AM. We can into the day with S&P puts that expire tomorrow with a 235 strike and almost hit the 100% up trigger @ $1.80 (trigger was 1.82) and I texted a sell of half anyway and we closed out the first half @ $1.66. A little later we sold the balance at $ .92 or a penny above our buy price and switched to the S&P 4/13 (Thursday expo) 235 calls @ $ .57, which when we rallied back to close almost unchanged closed $.72. Obviously we need to close these out tomorrow or Thursday, but with the close 12 cents off the high and 1.75 off the low. I would expect some follow-thru tomorrow barring any major problems. The last time we had a selloff followed by a reversal day like today was 3/27 and we closed 233.62 and traded as much as $2.20 higher the next day. I’d gladly settle for half.
The internals we divergent again today with the NYSE again stronger than NASDAQ. NYSE A/D was 9:5 up while NASDAQ was only 5:4. NYSE volume was only 4:3 up but NASDAQ was 7:10 DOWN.
The big names were mostly lower, but not by much. GOOGL -.80, AMZN -3.76, AAPL -1.81, FB -1.07, BA +.74, TSLA -4.39, NFLX +.60, IBM -.62, financials were all lower with GS-.90, JPM -.15, and BAC -.13 due to a new closing low for the month in the US 10yr treasuries and therefore the US$.
Also dramatically affected by the weakening US$ and its recent selloff were both the Gold and Silver. We are long GDX (miners), AGQ (3XSilver ETF) and the AGQ calls. AGQ closed $41.99+2.05 and GDX$24.36+ .71.
Tomorrow is another day...CAM
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